Liability.

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..... lity was functioning before the commencement of this Act, such a society shall exercise the option within a period of one year from such commencement either to continue to function as such or to convert itself into a multi‑State co‑operative society with limited liability by following the procedure specified in sub‑sections (2) to (4). (2) Subject to the provisions of this Act .....

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..... t of a bye‑law of a multi‑State co‑operative society changing the extent of its liability shall not be registered or shall not take effect until either ( a ) the assent thereto of all members and creditors has been obtained; or ( b ) all claims of members and creditors who exercise the option referred to in sub‑section (3) within the period specified therein .....

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